Another Massive Casino IPO: Red Rock Resorts Raises $530M
Las Vegas-based casino operator Red Rock Resorts just hit the market, pricing its IPO in line with expectations despite a sluggish market for new offerings.
The company sold 27,250,000 shares at $19.50 apiece, bringing in $531M and meeting its expected price range of $18 to $21/share, the Wall Street Journal reports.
Red Rock’s offering comes just a week after MGM Growth Properties, MGM's recently spun off REIT, hit the scene, raising more than $1B with its IPO. That makes two huge casino IPOs in a week’s time—perhaps the market for IPOs is starting to pick up again?
Red Rock Resorts will trade on Nasdaq under the symbol RRR. [WSJ]